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Living trusts may be beneficial to everyone in Texas

Most everyone in Texas knows that the central document in any estate plan is a will. A will is an effective tool to provide for family and even friends after death, but doesn't do anything for the maker should he or she become incapacitated. This is where living trusts can be helpful.

Living trusts have an advantage over wills in that they can provide for the maker should they become ill or otherwise incapacitated. There are two different types of living trusts -- revocable and irrevocable. A revocable living trust may be terminated or modified by the maker at any time prior to death even after it has been funded. On the contrary, an irrevocable living trust can only be terminated or modified with the permission of the trust's beneficiary.

There are reasons why a person would want to have an irrevocable trust, but many people prefer a revocable trust in order to retain control over the trust during their lifetime. Having the knowledge that there are provisions made in case one is unable to make decisions on his or her own can provide peace of mind not only to the maker, but also to the rest of the family. Beyond ensuring care during life, a living trust will also govern where assets go upon death.

People tend to forget that there is the possibility of becoming incapacitated. When coupled with wills, living trusts can take care of everyone, not just loved ones upon death. A living trust isn't only for those in Texas that have substantial assets -- anyone can benefit from one.

Source: CNBC, Why everyone needs a living revocable trust, Sakina Spruell, Sept. 27, 2013

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